TechFlow News, May 30: Kyle Samani, co-founder of Multicoin Capital, recently stated that Hyperliquid is essentially just a “Binance 2.0 without a marketing team.”
Samani argues that Hyperliquid has made numerous technical decisions during development—decisions suitable for centralized systems but difficult to adapt to permissionless decentralized environments. He notes that these architectural choices have already placed the project behind certain competitors in terms of decentralization.
Additionally, Samani points out that as the regulatory environment evolves, U.S.-based compliant enterprises are raising their standards for potential partners—and Hyperliquid’s current model may face increasing challenges. He further states that genuine U.S. companies today would no longer choose to partner with it.
Hyperliquid has recently drawn market attention due to the sustained price rise of its HYPE token and growing trading volume; however, discussions surrounding its degree of decentralization, governance model, and regulatory risks continue to intensify.
